Looking for some opinions.
Home is mortgage free, mortgage on investment property is covered by rental income. Amount outstanding is 260k. Property value is approx 450k, rental income of 24k per year.
Do folks recommend paying off the investment property mortgage (rate approx 3%).
Assuming no plan to sell the property in the near future is the trade off interest paid v tax on rental income?
Thanks
Home is mortgage free, mortgage on investment property is covered by rental income. Amount outstanding is 260k. Property value is approx 450k, rental income of 24k per year.
Do folks recommend paying off the investment property mortgage (rate approx 3%).
Assuming no plan to sell the property in the near future is the trade off interest paid v tax on rental income?
Thanks